[GPUC] GPU Coin | Mandatory Wallet Update

[illiki23]

And Jaymes does not make money no matter what.

I am not sure how you come to this conclusion.  I doubt James invested enough of his own money to offset the fact that we are paying for this entire thing.  Practically every single unit Jaymes sells is profit.  Even if he put money in of his own there is no way he is losing money because of this operation.  Jaymes has a comfortable buffer in terms of capitol and a decent inventory and at any time if he wanted to quit he could liquidate the remainder and leave us rich.

Also it has been asked multiple times and Jaymes, or anyone from GPUCoin, has refused to answer the question of how much money from the first round will go back into the store and purchasing more GPUs.  This makes me nervous.  Why cannot I get a straight answer as to their business plan.  I have a feeling we are all being ripped off because of the lack on transparency.  We have no idea how much of our investment will go to Jaymes and associate's pocket.

So yes, until we see that Jaymes put in an amount matching that of a significant portion of the investors money then it is pretty much guaranteed that Jaymes will make money out of this no matter what.

I really think in the case that the investors do not make money, and the price does not rise, but GPUCoin continues to make money - in this case GPUCoin should do the ethical thing and pay out a portion of profit to the investors or liquidate the company and pay back the investors.
But I know Jaymes does not think like this.

[imonit]

What exactly does a HardFork do?  Does it force a wallet change?  Does it make coins already mined worthless?  If someone could explain, I'd appreciate it.

[micryon]

A hard fork (at least the way i would implement)

Would require a wallet change after a certain block (block # to be decided).

It does NOT make already mined / issued coins worthless.. all previous transactions are all 100% valid.  So in that sense it's not a restart by any means.

So it just has the effect of:
  - requiring all wallets (including pools, exchanges) updated.
  - slow down the issuance of new coins from mining (to whatever we determine the rate to be).

[micryon]

And Jaymes does not make money no matter what. He has to be able to dump the coins he collects to the market, just like anyone else, and thats not happening right now. Personally, much as I hate the idea of a hardfork, changing the block time to 2 1/2 minutes would solve a lot of problems right now. There are enough coins on the market for the business to run efficiently and it would stop the mine-n-dumpers right in their tracks. Plus it would raise the difficulty level, psychological only I know, but most miners see a higher difficulty, and they see more value along with it.

Anyways, walt maybe you can talk to Jaymes about this next time you see him (I'm not on IRC enough).

I'm ready to make any code changes to the coin as necessary for this project. 

Nothing is unfixable.. we just need to determine the best path forward.

[goodluck0319]

https://poloniex.com/exchange/btc_gpuc

now I think it is lowest price for it. 0.00000007

[waltsmith]

And Jaymes does not make money no matter what. He has to be able to dump the coins he collects to the market, just like anyone else, and thats not happening right now. Personally, much as I hate the idea of a hardfork, changing the block time to 2 1/2 minutes would solve a lot of problems right now. There are enough coins on the market for the business to run efficiently and it would stop the mine-n-dumpers right in their tracks. Plus it would raise the difficulty level, psychological only I know, but most miners see a higher difficulty, and they see more value along with it.

Anyways, walt maybe you can talk to Jaymes about this next time you see him (I'm not on IRC enough).

I'm ready to make any code changes to the coin as necessary for this project. 

Nothing is unfixable.. we just need to determine the best path forward.

I will certainly pass it along tomorrow, if we could get more input from the community between now and tomorrow afternoon that would be great.

waltsmith

[jimlite]

And Jaymes does not make money no matter what. He has to be able to dump the coins he collects to the market, just like anyone else, and thats not happening right now. Personally, much as I hate the idea of a hardfork, changing the block time to 2 1/2 minutes would solve a lot of problems right now. There are enough coins on the market for the business to run efficiently and it would stop the mine-n-dumpers right in their tracks. Plus it would raise the difficulty level, psychological only I know, but most miners see a higher difficulty, and they see more value along with it.

Anyways, walt maybe you can talk to Jaymes about this next time you see him (I'm not on IRC enough).

I'm ready to make any code changes to the coin as necessary for this project.  

Nothing is unfixable.. we just need to determine the best path forward.

I will certainly pass it along tomorrow, if we could get more input from the community between now and tomorrow afternoon that would be great.

waltsmith

Well you know my position on this. As a miner and IPO investor I see two problems.  The ipo value of GPU coin was about 20 satoshi,
and currently it is at 7 satoshi (not good), if it gets much lower it could be game over.  Miners can not mine this coin and sell under
20 satoshi and cover electricity anyways.  The coin needs to have a higher value.  Now obviously it needs more P.R., more miners, more exchanges and traders to thrive.  There currently is way too many coins minted in such a short time, which causes the exchanges to have WAY more sellers than buyers.  20,000 coins/block is just a lot of coins. I really think the block reward needs to be halved, and halved again on a much quicker time frame then originally planned.  Scarcity causes value.  It is very hard to mine a bitcoin, and there will be relatively very few produced (21M), so bitcoin has perceived rarity and value like a diamond.  GPU coin is more like DOGE coin, where there is just a shit load of them being produced because they are so easy to mine. The difference that keeps DOGE coin going is the constant marketing, news articles, promos, and community that just makes it go viral, which GPU coin is lacking.  Even so, I personally don't mine or buy DOGE because I feel that a coin should be worth a reasonable amount of USD.  I can grasp that a bitcoin is worth $468, and a litecoin is worth $13, but I can not grasp (easily) that a GPU coin or Doge coin is worth .000037444 cents!  I would much rather have the block reward be 20 instead of 20,000 and a GPU coin worth 37 cents or 8000 satoshi. With a more realistic alt coin price, people would be more interested in it, it is a vicious circle, but now at 8 satoshi we are heading awfully close to the death spiral of 1 satoshi and graveyard.  I think a hard fork and block reward reduction with an increased halving time would help a lot, and I can't see it upsetting anyone because it is just a wallet update, the ipo holders investment would go up, and new and current miners would be happy since they could mine a coin that is worth more than the electricity they burn.  Plus wouldn't the store rather sell a 280x for 10,000 gpu than 10 Million like it is now? Think about it.  And I know coins are made to still be mineable till like 2040, and that is important for the mainstream coins like bitcoin or litecoin, but do you really think the world is going to be paying for everything in GPU coin in 2030? No, that is not what it is designed for, and that is why speeding up the halving is not a bad idea.  Who cares if all the coins will be mined in 2030 instead of 2040?  CEO shouldn't care, he will either be retired by then, or still selling stuff and re-circulating the coin.  And there will always be traders and miners if there is a fee or reward that is worthwhile.

[pearstar20]

And Jaymes does not make money no matter what. He has to be able to dump the coins he collects to the market, just like anyone else, and thats not happening right now. Personally, much as I hate the idea of a hardfork, changing the block time to 2 1/2 minutes would solve a lot of problems right now. There are enough coins on the market for the business to run efficiently and it would stop the mine-n-dumpers right in their tracks. Plus it would raise the difficulty level, psychological only I know, but most miners see a higher difficulty, and they see more value along with it.

Anyways, walt maybe you can talk to Jaymes about this next time you see him (I'm not on IRC enough).

I'm ready to make any code changes to the coin as necessary for this project. 

Nothing is unfixable.. we just need to determine the best path forward.

I will certainly pass it along tomorrow, if we could get more input from the community between now and tomorrow afternoon that would be great.

waltsmith

Well you know my position on this. As a miner and IPO investor I see two problems.  The ipo value of GPU coin was about 20 satoshi,
and currently it is at 7 satoshi (not good), if it gets much lower it could be game over.  Miners can not mine this coin and sell under
20 satoshi and cover electricity anyways.  The coin needs to have a higher value.  Now obviously it needs more P.R., more miners, more exchanges and traders to thrive.  There currently is way too many coins minted in such a short time, which causes the exchanges to have WAY more sellers than buyers.  20,000 coins/block is just a lot of coins. I really think the block reward needs to be halved, and halved again on a much quicker time frame then originally planned.  Scarcity causes value.  It is very hard to mine a bitcoin, and there will be relatively very few produced (21M), so bitcoin has perceived rarity and value like a diamond.  GPU coin is more like DOGE coin, where there is just a shit load of them being produced because they are so easy to mine. The difference that keeps DOGE coin going is the constant marketing, news articles, promos, and community that just makes it go viral, which GPU coin is lacking.  Even so, I personally don't mine or buy DOGE because I feel that a coin should be worth a reasonable amount of USD.  I can grasp that a bitcoin is worth $468, and a litecoin is worth $13, but I can not grasp (easily) that a GPU coin or Doge coin is worth .000037444 cents!  I would much rather have the block reward be 20 instead of 20,000 and a GPU coin worth 37 cents or 8000 satoshi. With a more realistic alt coin price, people would be more interested in it, it is a vicious circle, but now at 8 satoshi we are heading awfully close to the death spiral of 1 satoshi and graveyard.  I think a hard fork and block reward reduction with an increased halving time would help a lot, and I can't see it upsetting anyone because it is just a wallet update, the ipo holders investment would go up, and new and current miners would be happy since they could mine a coin that is worth more than the electricity they burn.  Plus wouldn't the store rather sell a 280x for 10,000 gpu than 10 Million like it is now? Think about it.  And I know coins are made to still be mineable till like 2040, and that is important for the mainstream coins like bitcoin or litecoin, but do you really think the world is going to be paying for everything in GPU coin in 2030? No, that is not what it is designed for, and that is why speeding up the halving is not a bad idea.  Who cares if all the coins will be mined in 2030 instead of 2040?  CEO shouldn't care, he will either be retired by then, or still selling stuff and re-circulating the coin.  And there will always be traders and miners if there is a fee or reward that is worthwhile.

Have you seen what happened to the coins which were halved prematurely? Rapid deciline in price. Idea is simple that if we supply shortens, then price will go up, ofcourse if demand is constant. But history have shown that, its not the case.

[WhiteyZ]

https://poloniex.com/exchange/btc_gpuc

now I think it is lowest price for it. 0.00000007

Thats a lot to low now... Has to go over 50 satoshis....

[httpb]

Looking at http://coinmarketcap.com/ the GPUC has for column "volume (24h)" less than $800.

Can someone explain to me what does Volume (24h) column represent and how is it calculated?

[pearstar20]

Looking at http://coinmarketcap.com/ the GPUC has for column "volume (24h)" less than $800.

Can someone explain to me what does Volume (24h) column represent and how is it calculated?

the amount of money is traded in past 24h in all exchanges that coinmarketcap has included in the calculation

[kahir]

Looking at http://coinmarketcap.com/ the GPUC has for column "volume (24h)" less than $800.

Can someone explain to me what does Volume (24h) column represent and how is it calculated?

all buy/sell orders ...in all places ...


calculated based on current btc price

[takiyon]

As an IPO all I can say is that we are getting hosed. I have invested more than $28 equivalent. WE NEED TO DO SOMETHING!!!!

http://s29.postimg.org/quwtakfrb/Untitled.jpg
upload foto

[nauticatom]

As an IPO all I can say is that we are getting hosed. I have invested more than $28 equivalent. WE NEED TO DO SOMETHING!!!!


upload foto

$28 USD - thats scraps, there are a few of us who are a few BTC deep on this IPO, myself included, still holding these coins, plus was mining for 2 weeks straight (just pulled my miners off this morning after dedicatedpool started getting mpos issues)..

This needs to go Hard Fork - X11 Protocol, Block Rewards down to 1/3rd, or POS Only.

if you are bent out of shape on $28USD - ill give you $14 USD for all your GPUC, and you can consider  it a lesson learned..

otherwise, im holding my positions.

[jollyriffic]

As an IPO all I can say is that we are getting hosed. I have invested more than $28 equivalent. WE NEED TO DO SOMETHING!!!!

$28 USD - thats scraps, there are a few of us who are a few BTC deep on this IPO, myself included, still holding these coins, plus was mining for 2 weeks straight (just pulled my miners off this morning after dedicatedpool started getting mpos issues)..

This needs to go Hard Fork - X11 Protocol, Block Rewards down to 1/3rd, or POS Only.

if you are bent out of shape on $28USD - ill give you $14 USD for all your GPUC, and you can consider  it a lesson learned..

otherwise, im holding my positions.

i'm ipo, only invested 0.016 btc, but after that put about $200 into the market buying coins
i'll split that $14 with you..

[PCJargon]

As an IPO all I can say is that we are getting hosed. I have invested more than $28 equivalent. WE NEED TO DO SOMETHING!!!!


upload foto

$28 USD - thats scraps, there are a few of us who are a few BTC deep on this IPO, myself included, still holding these coins, plus was mining for 2 weeks straight (just pulled my miners off this morning after dedicatedpool started getting mpos issues)..

This needs to go Hard Fork - X11 Protocol, Block Rewards down to 1/3rd, or POS Only.

if you are bent out of shape on $28USD - ill give you $14 USD for all your GPUC, and you can consider  it a lesson learned..

otherwise, im holding my positions.

LOL, switch "GPU" coin to PoS? This guy is hilarious

[vesperwillow]

Every. Single. Prediction. Came true.

Everything I told the Owner would happen, has happened. And right on schedule, you guys are already discussing coin volume and value and a hardfork. It almost hurts to see how on-point I was with this. Seriously folks, dropping block reward? And transaction times, what on earth? Yes, make the coin even more susceptible to an attack, by all means. The network rate is so low on this coin right now it's security risk is in the red, a blockchain takeover would just ruin it further.

How many of the folks here discussing this issue and 'supporting it', are actually well versed in longterm coin analysis, lifecycle and development? By the discussion the last few pages, I'd say maybe 2 folks. You have a very active developer (not the owner, the code guy) who's willing to help out any way he can. Don't have him make changes which will just flush the coin down the tubes.

While I agree the block reward doesn't need to be as high as it is (as a transactional-flow coin operates well in the 'hundreds' block range), the fact remains that the block size isn't an issue with the value of the coin. You're minting them at the same rate regardless, so when you roll GPUC->BTC->USD it'll be the same. The problem is the flow of sales is declining because the purchase wave of GPU's is also declining (worldwide). Prices are beginning to stabilize again in the private market, and availability isn't nearly as bad now as it was 30 days ago, or 90 days ago. This isn't a shocker either, it's well known that the GPU demand is going down.

In other words, the problem is the target audience is losing interest. Raising the value of the coin (especially artificially) will just ruin the market more, because the mine-n-traders will just come along and mint your coins super fast and get paid and happily walk away.

Your last major hope is this sale drumming up business, and if it doesn't increase the volume of GPUC traded, you're likely not going to see a recovery. Just an estimate..

Edit: TLDR: The coin is working just fine, but nobody is interested

[PCJargon]

I still think that the demise of trust in cryptorush, which was (i think) the primary exchange for GPUC really screwed things up. For some reason people are still asking more on there than they are on other sites (buys at 16).

If anyone wants to make a quick profit, buy GPUC on another exchange, send to cryptorush. Trade the GPUC for BTC, trade the BTC into Doge or other (since cryptorush ran out of btc), Profit!

[svenp]

The primary purpose of GPU coin is to be a payment method for the business and it can't be an effective payment method at these levels.  It's not the value of the coin that's the problem exactly it's that we've run out of decimal places (dynamic range).

When you have a bid/ask of 7/8 for example, there's 14% between the two... even if there were lots of liquidity that's just too much friction.  Buyers/sellers at market instantly lose a large percentage of their buying power because of this.  

Ideally, I'd like to see a 1:10 reverse split or higher (as you would do in stocks).  The price per coin must be a lot higher.  I guess this isn't possible without reissuing the currency.

Decreasing the inflation rate does not necessarily lead to higher prices of course.  It doesn't increase scarcity since there'll still be 1B or so coins, it just removes the incentive for anyone to mine.  And if miners abandon the coin, it dies...  which is not positive for prices.

As to the block time, it's silly to change that.  1 minute blocks are fine.  If you want to decrease the coins/day just decrease the block subsidy.

The block subsidy should have been 200 or so (135M total coins).  

To sum up, the coin can survive falling in price while the business and aftermarket trade volume grow but it can't survive if it runs out of decimal places...  

micryon, solutions?

[1369]

Just wanted to give a shout out to the GPUcoin devs for their help on my coin fork, you know who u are! Give these guys some <3